OT: 1031 Exchanges? Anyone had experience? - Saab General Bulletin Board - Saabnet.com
The banner above is an advertisment - if it asks you to download software, please ignore.
Site News -
4/9 Saab Owners' Convention Day Pass Raffle |
3/26 M Car Covers (by State of Nine)
[General |
Members |
C900 |
9000 |
NG900 & OG93 |
93 |
95 |
NG95 |
99 |
Sonett |
Vintage Models |
Clubs |
Other Cars |
FAQs |
Gifts |
Member Photo Galleries |
Member Directory |
Classifieds |
Manuals |
*Buddy Registry |
*Mileage Registry |
Polls |
What's New |
Raffle |
Photo of the Month |
Sponsors]
[Main General Bulletin Board | BBFAQ |
Prev by Date | Next by Date | Post Followup ]
Member Login / Signup - Members see fewer ads. - Latest Member Gallery Photos
OT: 1031 Exchanges? Anyone had experience?
Posted by Dave in Houston [Email] (more from Dave in Houston) on Tue, 14 Mar 2006 15:31:36
Members do not see ads below this line. - Help Keep This Site Online - Signup
Dear Friends:
My dad is getting ready to sell the family farm. Actually, Dad and his brother jointly own the farm, which has been passed down from their granddad, to their dad, to them.
The city's been moving out toward the farm these last 30 years, and it seems that now the property is a candidate for residential development. So the sale price is, to him at least, a big number.
Dad hates paying taxes, so he's looking into a 1031 exchange, which would allows him to defer the taxes on the sale by investing in a "comparable property." It seems that their are companies that will offer properties like office buildings on a "tenants-in-common" basis, so that many investors pool their funds to buy the properety.
I gather that these arrangements, when made for the purpose of a 1031 exchange, are set up so that there is an opportunity to cash out after a predefined number of years.
My dad lives in California, so he would also have to pay their state income tax on the proceeds of the farms sale. He thinks the total of the federal and CA tax would be about 25%.
Since I'm the "bright kid," Dad is asking my advice. Do any of you smart people have any experience with this kind of arrangement? What are the risks? How do you pick the right product offering?
Thanks for your insights, and best regards,
Dave
posted by 24.206.7...
Posts in this Thread:
Members do not see ads below this line. - Help Keep This Site Online - Signup
Post a Followup
No Site Registration is Required to Post - Site Membership is optional (Member Features List), but helps to keep the site online
for all Saabers. If the site helps you, please consider helping the site by becoming a member.
StateOfNine.com
|
SaabClub.com
|
Jak Stoll Performance
|
M Car Covers
|
Ad Available
|
Random Saabnet.com Member Gallery Photos (Click Image)
This is a moderated bulletin board - Posting is a privilege, not a right.
Unsolicited commercial postings are not allowed (no spam). Please, no For Sale or Wanted postings, SERIOUSLY.
Classifieds are to be listed in The Saab Network Classifieds pages.
This is a problem solving forum for over 250,000 Saab owners, so expect to see
problems discussed here even though our cars are generally very reliable. This is not an anything goes
type of forum. Saabnet.com has been a moderated forum since 1988. For usage guidelines, see the
Saabnet.com Mission and Purpose Page. Please remember that you are
not anonymous. Site Contact | Site Donations | Other Sites by SP -
Poverty2Prosperity.org | Run Club Menlo Park | ScreenBot
Site Members do not see red text instructions, bottom of the page anchor ads, or box ads.
Click here to see all
the Site Membership Benefits!